Stocks slump on Euro news

European leaders today gamely promised to keep tackling the continent’s debt crisis – but the markets wanted much more.

Stocks sank across the US and Europe, the euro fell against the dollar and investors dumped bonds issued by the governments of Spain and Italy. Investors had been expecting more immediate action from the European Central Bank and were disappointed by the plan’s lack of details, especially considering the ECB president’s pledge last week to do “whatever it takes” to keep the euro intact.